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K. Sunil Kini Vs. Income Tax Officer, Ward 2(2),

Court : Income Tax Appellate Tribunal ITAT

Reported in : (2006)6SOT139(Bang.)

..... receipt.however, he was of the view that the receipt is liable to be taxed as capital gains in view of the amendment effected to section 55(2)(b) by finance act, 1997. he, accordingly, directed the assessing officer to compute capital gains as long-term capital gains. still aggrieved, the assessee is in appeal ..... an absurd situation. if the legislature had intended the relevant amendments effected by the finance act, 1997 to make non-compete fees chargeable to capital gains tax, then, when the finance act, 2002 made such receipts taxable under section 28, it would also have amended section 55(2)(b) to remove the words 'right to manufacture, produce or process ..... which are effective from 1-4-2003.it is the appellant's case that the amendment effected by the finance act, 1997 has no bearing on the assessment under consideration.firstly, section 55 is not a charging section. secondly, under the agreement with praxiar, the appellant has not transferred any right to manufacture, etc. such rights .....

All India Haj Umrah Tour Organizer Association Mumbai Vs. Union Of Ind ...

Court : Supreme Court of India

..... or deemed to have been provided or agreed to be provided or deemed to have been agreed to be provided. by exercising the power under section 66c of the finance act, the 2012 rules were enacted and were brought into force with effect from 1st july 2012.36. in these petitions, we are concerned with ..... another. the taxable territory is defined in clause 52 of section 65b of the finance act to mean the territory to which the provisions of the relevant chapter service tax statutory provisions containing sections 64 to 114 of the finance act apply. sub- section (1) of section 64 of the finance act provides that the relevant chapter extends to the whole of ..... out therein. consideration of submissions33 the service tax was introduced by way of the finance act. the finance act incorporated various services which were made subject to payment of service tax. the services were enumerated in clause 105 of section 65 of the finance act.34. service tax is an indirect tax which is leviable on the service .....

Mathurdas Govinddas Vs. G.N. Gadgil, Income-tax Officer, Special Inves ...

Court : Gujarat

Reported in : (1964)0GLR746; [1965]56ITR621(Guj)

..... baconian obscurity in a provision dealing with settlement of assessments.' this contention of the learned advocate-general based on the substitution of words effected in sub-section (1b) by the finance act, 1956, must therefore be rejected. 22. there is also another circumstance which strongly supports the contention of mr. i. m. nanavati. it is ..... of affairs continued up to 1st april, 1956, when certain further amendments of a rather far-reaching character were made in section 34 by the finance act, 1956. the time-limit of eight years in sub-section (1) in respect of the cases falling within clause (a) was removed and the following provisions were substituted for the ..... 1956. this circumstance is clearly indicative of the legislative intent that no notice in respect of cases covered by sub-section (1a) should be issued under sub-section (1)(a) even after its amendment by the finance act, 1956. if any such notice is issued it would be barred by time and therefore beyond the jurisdiction of .....

Gujarat Ambuja Cements Ltd. and anr. Vs. Union of India (Uoi) and anr.

Court : Supreme Court of India

Reported in : AIR2005SC3020; (2005)4CompLJ440(SC); (2005)194CTR(SC)428; 2005(99)ECC377; 2005(182)ELT33(SC); [2005]274ITR194(SC); JT2005(Suppl3)SC389; (2005)4SCC214; 2006[3]STR608; 200

..... of india : (2003)181ctr(sc)1. as a proposition of law this cannot be and is not disputed. the question is whether by enacting sections 116 and 117 of the finance act, 2000 and section 158 of the finance act 2003, the bases on which this court struck down rule 2(1)(d), (xii) and (xvii) of the service tax rules, 1994 had ..... petitions challenging the validity of the amendments made by the finance act 2000 to chapter v of the finance act, 1994 were pending, the finance act, 2003 was assented to by the president on 14th may 2003. by section 158 of that act, sections 68(1), 71 and section 94 of the 1994 -act were further amended. section 158 provides:'during the period commencing on and from 16th ..... entry 54 list ii to name a few. theoretically, of course, as we have held in godfrey phillips india ltd. v. state of u.p. and ors. : (2005)194ctr(sc)257 , ultimately even a tax on goods will be on the taxable event of ownership or possession. we need not go into this question except to emphasise that .....

The Commissioner of Income Tax Vs. Godaveri (Mannar) Sahakari Sakhar K ...

Court : Mumbai

Reported in : (2007)109BOMLR2273; (2007)212CTR(Bom)384; [2008]298ITR149(Bom)

..... stands has to be read as curative and to be read retrospectively from the first introduction of section 43b by the finance act. as noted earlier the proviso was substituted in 1989 on account of hardship noted. parliament did not do away with the proviso, but only substituted the ..... the due date, and the actual payment has been realized within fifteen days of the due date, deduction shall be allowed.10. by section 21 of the finance act, 2003, the following amendments were incorporated in section 43b of the act, 2003.in the first proviso, the words, brackets and letters 'referred to in clause (a) or clause (c) or clause ( ..... from 1st april, 2004 and to apply in relation to the assessment year 2004-2005. in the face of this material, which are normal aids to construction, it cannot be said that because the second proviso has been omitted by the finance act, 2003 and section 43b is also now covered by the first proviso. the proviso as it now .....

Commnr. of Income Tax, Jalandhar-i Vs. Shri Rajiv Bhatara

Court : Supreme Court of India

Reported in : (2009)222CTR(SC)209; [2009]310ITR105(SC); JT2009(4)SC39; 2009(3)SCALE16; (2009)13SCC315; [2009]178TAXMAN285(SC)

..... dependent for its leviability on the assessee's liability to pay income tax but on assessed tax.13. therefore, even without the proviso to section 113 (inserted vide finance act, 2002 w.e.f. 1.6.2002), finance act, 2001 was applicable to block assessment under chapter xiv-b in relation to the search initiated on 6.4.2000 and accordingly surcharge was ..... with entry 82 of list i of schedule vii to the constitution of india, 1950 (in short the `constitution'). that power is not traceable to section 4 of the act. every year the finance act is enacted by parliament to give effect to the financial proposals of the central government. the rate at which a charge on the total income of ..... tribunal upheld the order dated 12.9.2005 passed by the cit (a) holding that the search in the present case took place on 6.4.2000 which was much prior to the date of amendment made in section 113. the amendment was incorporated on 1.6.2002 by inserting proviso to section 113 by finance act, 2002. it was by the .....

Commissioner of Income-tax Vs. Best and Co. (P.) Ltd.

Court : Chennai

Reported in : [1979]119ITR830(Mad)

..... would not be the subject of disallowance under the provision set out above.8. this provision underwent a modification under the finance act of 1964. section 10 of the said finance act provided as follows :' for sub-clause (iii) of section 40(c), the following sub-clause shall be substituted, namely :-- '(iii) any expenditure incurred after the 29th day of ..... the tribunal and what was accepted by the aac and the tribunal was that on the 1st of april, 1964, the new provision inserted by section 10 of the finance act of 1964 had come into force and it is only that provision that could be looked into. as under that provision, there was no restriction ..... control the payment of the remuneration after 28th february, 1963, and before the new provision under the finance act of 1964 provided the contrary. the finance act of 1964 made the modification with effect from 29th february, 1964. thus, in effect, section 40(c)(iii) would continue in force between the 1st march, 1963, and 28th february, 1964. .....

Jindal thermal Power Company Limited (Formerly Jindal Tracteble Power ...

Court : Karnataka

Reported in : (2006)203CTR(Kar)381; [2006]286ITR182(KAR); [2006]286ITR182(Karn)

..... only in view of the provisions of amendment of section 115jb(1) of the finance act, 2002 which is made retrospective with effect from 1.4.2001 and as on 1.4.2001 the petitioner was not liable to pay advance tax cannot be ..... dates i.e. on 15.6.2001, 15.9.2001, 15.12.2001 and 15.3.2002 and having regard to the above finding that the provisions of section 115jb as introduced by finance act, 2000 imposed liability for payment of advance tax on the petitioner. the contention of the learned senior counsel appearing for the petitioner that liability to pay tax arose ..... be the amount of income tax at the rate seven and one-half per cent.16. it is clear from the above said provisions of the act that under the finance act, 2002 the amendment made to section 115jb(1) is as follows:for the words,'the tax payable for the relevant previous year shall be deemed to be seven and one-half .....

The Commissioner of Income-tax, Bombay City Vs. the Khatau Makanji Spi ...

Court : Supreme Court of India

Reported in : AIR1960SC1022; (1961)63BOMLR218; [1960]40ITR189(SC); [1960]3SCR873

..... rate at which income-tax is to be charged upon the total income of the previous year of the assessee. in our opinion, the provision of the finance act travels beyond the ambit of section 3, and if parliament has done so then no effective charge can be made on the total income of the previous year of the assessee under the provisions ..... charged under clause (ii) of the proviso to paragraph b of part i of the first schedule to the indian finance act, 1951, as applied to the assessment year 1953-54 by the indian finance act, 1953, read with section 3 of the indian income-tax act ?' this question was answered by the high court in the negative. 6. in the opinion of the high court ..... , s. 3 of the indian income-tax act lays down the liability to tax, and it puts the tax on the .....

G.D. Builders Vs. Uoi and anr.

Court : Delhi

..... commerce or industry, but does not include road, airport, railway, transport terminal, bridge, tunnel, long distance pipeline and dam; 4. by finance act 2005 service tax was imposed under section 65(105)(zzq) on any service provided or to be provided, to any person by a commercial concern in relation to commercial or industrial construction ..... , airports, railways, transport terminals, bridges, tunnels and dams; 5. finance act 2005 also saw introduction or service tax on construction of complexes (residential complexes) under section 65(105)(zzzh) with effect from 16th june, 2005. the term construction of complexes was defined in section 65(30a) as under: construction of complex means(a) construction of ..... to bifurcate and tax the service component alone. he submits that the notifications dated 07.06.2005 and 01.03.2006 are bad in law because they have been issued under section 93(1) of the finance act, as if the respondents have granted exemption to the extent of 67% of a composite contract .....